Belrise Industries share price: Stock lists below expectations with 11% premium
Belrise Industries made its stock market debut on Wednesday, but the listing was not as strong as many investors had hoped. While the shares opened with a gain, the listing premium was lower than what was expected from the grey market trend.The company's shares listed at Rs 100 on the BSE, which is an 11.11% rise over the issue price of Rs 90. On the NSE, the stock started trading at Rs 98.50, which is a gain of 9.44%. Though this shows a positive start, it is lower than the estimated 21% to 23% premium that the grey market had suggested before the listing.Belrise Industries had fixed its IPO price band between Rs 85 and Rs 90 per share. The IPO was open for bidding from May 21 to May 23. The company raised Rs 2,150 crore through the public issue by offering 23,88,88,888 equity shares.Ahead of the stock listing, the company's shares were trading at a grey market premium (GMP) of Rs 20 to Rs 21 per share. On the last day of the IPO bidding, the GMP had gone up to around Rs 28, showing that there were high expectations for a strong debut.Despite the lower-than-expected listing price, the IPO had received very strong interest from investors. It was oversubscribed 41.30 times, with about 25.35 lakh applications. In total, bids worth around Rs 65,920 crore were placed.Among the categories, qualified institutional buyers showed the most interest, subscribing to the issue 108.35 times. Non-institutional investors subscribed 38.33 times, while retail investors subscribed 4.22 times.Belrise Industries, founded in 1988 and based in Waluj, Maharashtra, makes parts for the automobile sector. The company supplies automotive components such as sheet metal parts, casting parts, plastic components, suspension systems, and mirror systems. These are used in two-wheelers, three-wheelers, and four-wheelers.The company's strong base in the automobile supply chain and its wide product range have helped it gain a good position in the market. However, the listing price shows that investor mood can still change based on other market factors.The IPO was managed by SBI Capital Markets, HSBC Securities & Capital Markets, Axis Capital, and Jefferies India. MUFG Intime India was the registrar for the issue.Several brokerage firms gave a positive view on the IPO based on the company's business and growth potential.advertisement(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
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